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cost of higher education

The Cost of Higher Education: Is an Ivy League School Worth the Expense?

Are you planning for college and worried about paying for tuition? If so, you’re not
alone. Cost and quality of education are the primary concerns of students and parents
alike when it comes time to start thinking about college. It’s no secret that the
cost of higher education is on the rise. While some still hold to the tradition that
prestigious private institutions are worth the investment, a growing number of students
are passing up the Ivy Leagues in favor of public colleges and universities.

One such student, Joe Gholson, chose Southeast Missouri State University despite offers
from such prestigious institutions as West Point Military Academy and Tulane University.
Gholson believes that Southeast has as much to offer academically as any private institution.
“They use the same textbooks at Ivy League schools as they do at Southeast,” he said.
Gholson also stated that he feels more at home here than at other institutions, and
that this contributes to his academic success. “The best predictor of success is a
comfortable environment because every student has the opportunity to get as much out
of textbooks and lectures at Southeast as they do anywhere.”

The choice to attend a less costly public university is often the result of sound
investment decisions. Students and parents have begun to discover that the price tag
doesn’t always represent the quality of a higher education institution. A report published
by CollegeBoard, a nationally recognized college search organization, indicates that
universities such as Southeast cost an average of 50 percent less than private institutions.
This doesn’t mean that you only get half the education, however.

Chris Robertson, a Southeast alumnus, can attest to the benefits of his decision to
attend a public university. “I was able to have close interactions with faculty whom
I found to be accessible, engaging and friendly,” Robertson said, “much more so than
I would have found at a private undergraduate institution.” He also commented on the
quality of his education, stating “I feel that I was well prepared for graduate study.
I received a quality education without incurring any debt.” Robertson went on to study
at Washington University, where he received a Ph.D. in philosophy. He is currently
studying law at Harvard.

No matter which private institution you choose, there is usually a similar state institution
nearby. In the long run, it’s best to choose an institution that has a quality program
in your area of interest. More often than not, you’ll find that public and private
universities are equally well-accredited!

When comparing the prices of public and private institutions, consider exactly what
you are paying for. The difference in what you pay for education is directly proportional
to the institution’s source of funding. Private institutions receive the bulk of their
funding from tuition and fees paid by the students. Although private universities
do receive funding from private benefactors, you are essentially footing the bill
for all of their expenses. Public institutions, on the other hand, receive funding
from state and federal sources, in addition to private donations. What this boils
down to is the fact that public universities are putting your tax dollars to work,
and you can take advantage of it!

Here’s something else for you to consider. An Ivy League education doesn’t necessarily
make you more desirable to employers, nor does it entitle you to a better job.

According to a recent article in the Washington Post, the difference between getting
your dream job and settling for something less isn’t a function of where you attended
college. The key to success is having a well-rounded education with real-world experience.
Your personality, knowledge, skills and experience are much more valuable to your
future employer than the name of your alma mater.

Independent studies conducted by government and private organizations have all come
to the same result. The U.S. Department of Education, the Andrew Mellon Foundation,
and Princeton economist Alan Kreuger agree that average yearly earnings of graduates
from public and private institutions working in similar fields have been roughly equal
for over a decade. This trend doesn’t appear to be changing any time soon. As a matter
of fact, the number of corporate executives who graduated from public universities
has been steadily increasing for the last 25 years.

So here’s the bottom line

It's better to make a sound investment in a quality education than to incur a mountain
of debt for the sake of studying at an Ivy League institution.